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CFTC Speculates It Finally Has The Data It Needs To Prove Its Case

As the CFTC gets ready to issue a report next month to finalize the flip-flopping on their position on who and what was responsible for the massive swings in oil prices last year, the FSA will conduct its own meeting next week of oil market participants as it continues to maintain that economic uncertainty was the primary reason for the volatility. Last year, the CFTC cited supply and demand considerations, not speculators, for the ride up to $150/barrel and subsequent crash. Having reached the opposite conclusion they were aiming for, CFTC commissioner Bart Chilton has now decried those analyses as "deeply flawed" and has apparently done enough data mining to issue a report that is more in line with what the CFTC wanted to prove initially. Next up for the CFTC- why all commodity profits are inherently illicit.